Thai GDP grew 3.7% in Q2, fastest in 17 quarters

BANGKOK, Aug 21 (TNA) -- The Thai economy grew by 3.7% in the second quarter of 2017, the fastest pace in 17 quarters, and the gross domestic product for the whole year is expected to expand by 3.5-4%. Porametee Vimolsiri, secretary-general of the National Economic and Social Development Board (NESDB), attributed the growth to the 8% increase in export of products and services, the 3.2% rise of private investment which was the first increase in four quarters, and the 15.8% post-drought increase in agricultural products in the second quarter. The conditions made up for government investment that dropped by 7% in the same period. Mr Porametee said the Thai GDP grew by 3.5% in the first half of 2017 and the board predicted the GDP should expand by 3.5-4% throughout the year, up from its forecast in May of 3.3-3.8%. Export was growing better than earlier expected, he said, attributing it to global economic expansion. The NESDB predicts that export will expand by 5.7% instead of an earlier anticipation of 3.6%. Mr Porametee said that this year government investment would increase 8% as earlier expected, private investment would edge up by 2.2% and private consumption would rise by 3.2%. NESDB does not think that baht appreciation will affect export which is benefiting from growing global trade and the economies of trading partners. The board predicts that the value of baht will stand at 34-35 baht against a US dollar. (TNA)